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Social Security Disability: When Will Funding Run Out?

When will the Social Security Disability Insurance program run out of funding? Unfortunately, our attorneys are often asked this question, as it remains to be seen how budget issues will affect beneficiaries.

Recently, there has been some debate in Congress over Social Security disability funding. Some financial experts say that at its current pace, funding may run out in late 2016 and that lawmakers need to do something to alleviate potential issues. If there is a deficit, some economists predict that it could lead to a 20 percent cut in benefits for millions of Americans.

With this in mind, the Buffalo News recently reported that Rep. Tom Reed said he is going to work in Congress to prevent potential cuts as a member of the House subcommittee that oversees Social Security.

Remember, the number of people receiving benefits has grown as the baby boom generation has aged. “I want us to fix the problem to make the trust fund secure,” said Reed, according to the News.

The news outlet reported that Reed has suggested a revamp in the SSDI program “in order to find cost savings, starting with eliminating waste, fraud and abuse.”

While it is imperative that lawmakers do something to help with funding concerns, it should be noted that Social Security fraud is not as common as you might think. In fact, last year a report by the Consortium for Citizens with Disabilities estimated that fraud constituted less than 1 percent of SSDI paid benefits.

Should I Speak to an Attorney About Social Security Disability?

Recipients have to have work credits to obtain benefits. Individuals who attempt to cheat the system are punished criminally, so there is no reason to obtain benefits if you are not disabled. Additionally, whenever someone is caught cheating the system, it makes those who are truly disabled look bad, which is unfortunate.

Remember, to qualify for SSDI, a person suffering from a disability has to show the SSA that his or her condition will last longer than 12 months and could result in death. For more information about the SSDI process, you can speak with our attorneys.